Andrew Mountbatten-Windsor ‘could have made £180k-a-year charging rent’ at Royal Lodge estate
A valuer has estimated that Andrew Mountbatten-Windsor could earn “up to £180,000 a year” from letting three cottages at Royal Lodge to supplement his private income.
According to property buying agent Robin Edwards, the “unique setting, security and prestige” of the properties mean the former prince could earn rental income of between £7,500 and £15,000 a month. Curetons.
A new report from the National Audit Office (NAO) has revealed that the former Duke of York was pocketing rental income from three cottages on his Royal Lodge estate while also paying peppercorn rent.
The report did not include details of how much income Mr Mountbatten-Windsor earned from letting out country houses, which country houses were rented second-hand or for how long. Additionally, it was not disclosed who the tenants were.
According to auditors, all tenants had vacated the cottages by April of this year.
But Mr Edwards said Independent He would expect rent of around £2,500 to £5,000 per month per cottage; but this will depend on their size, features and exact location on the property.
Details of the secondary cottages, including their size and facilities, have not been made public.
Based on the assumption of three bedrooms and two bathrooms, Mr Edwards said: “Three-bedroom cottages at Windsor Manor would be of premium value due to their unique setting, security and prestige. “Assuming these are well-kept period cottages, I would expect rents of around £2,500 to £5,000 per month per cottage, depending on size, features and exact location on the property.
“For three such cottages, a landlord could potentially earn rental income of £7,500 to £15,000 per month, equivalent to around £90,000 to £180,000 per year.”
He added that while the exclusivity of the location made the properties more attractive, the potential restrictions of living on site could mean the premium on cottages could be limited.
Mr Edwards said: “While the royal estate increases desirability, the rural location and potential restrictions on estate living may limit the premium compared to properties in central London.”
Mr Mountbatten-Windsor was told to leave the 30-room Windsor estate and was officially stripped of his royal title in October 2025 following controversy over his links to pedophile financier Jeffrey Epstein. He denies any wrongdoing.
Reacting to the report, Baroness Margaret Hodge, former chair of the Public Accounts Committee, described the NAO’s decision not to identify the former prince’s income from sublets as “shocking”.
He told BBC Radio 4’s Today program that he was “very concerned” that the National Audit Office “could not find out how much money was provided by Andrew Mountbatten-Windsor for the rental of the properties” and that its report did not cover “the full range of Crown Estate properties”.
The Labor member, who chaired the committee from 2010 to 2015, said: “We all want a royal family to continue to be respected, valued and valued. I want a royal family, but in the modern age I think that requires appropriate transparency and accountability.”
“It is shocking that the National Audit Office has been unable to establish how much money Andrew Mountbatten-Windsor made from the properties he rented.”
The NAO report reveals the property arrangements of royal family members, including the Prince and Princess of Wales. It comes amid controversy over the disgraced former duke’s lease and the revelation that he has paid almost no rent since 2003.
Auditors found King Charles paid the rent for Mr Mountbatten Windsor’s two daughters, Princess Beatrice and Princess Eugenie, to stay at St James’s Palace and Kensington Palace respectively.
According to the report, Princess Beatrice’s rent at St James’s Palace was reduced to 68 per cent of its open market value, while Princess Eugenie’s Ivy Cottage at Kensington Palace was reduced to 64 per cent of its open market value. It does not contain details of the figures the King paid through his private purse.
Mr Edwards estimated the rental value of a flat in St James’s Palace at around £20,000 a month; This means the King could pay around £13,600 a month for Princess Beatrice’s rent.
He estimated the open market rental value for Princess Eugenie’s Ivy Cottage was £15,000 a month, meaning the King could afford to pay around £9,600 a month.
The king’s nieces, Eugenie, 36, and Beatrice, 37, are non-working royals and both have jobs, and Beatrice is married to a multimillionaire real estate agent.
A spokesperson for Buckingham Palace previously said the report was “consistent with the Royal Household’s commitment to transparency” and that they hoped the findings would “help correct, clarify or contextualise some points relating to Royal properties”.
“As the report notes, regulations for properties managed by the royal family vary depending on their location, tenants and purpose, depending on a range of factors that ensure the residences are appropriately occupied.”
Buckingham Palace and Andrew Mountbatten-Windsor have been contacted for comment.
